Competition in the mortgage market intensified this week as a fresh mortgage price war erupted with a string of major lenders slashing their rates.


Halifax, Barclays, Nationwide Building Society, Virgin Money, Skipton, Coventry and Norwich & Peterborough Building Society are among those who have improved their product ranges.


The main battleground seems to be the 5 year fixed arena where rates can be picked up under 3%. YES, THAT’S 5 YEARS FIXED AT UNDER 3%! UNBELEIVEABLE!


Virgin Money, determined to be innovative, has taken the unusual step of launching new 6 year deals, which are available at the same price as their 5 year fixes. They include a product available for people with a 30% deposit with a rate of 2.99% and a fee of £995. Alternatively, people can opt to go fee-free and pay a higher rate of 3.59%.


Although 6 years will give you 6 year’s peace of mind, a lot can happen in 5 years, never mind 6. One more than one occasion, we have invited clients in to review their mortgage at the end of their 5 year fixed term, only to find they arrive not only with a baby, but also a different partner!


Although of course partners can be changed free of charge, the fee to change your 5 year fixed rate can be anything up to £10,000! Now that’s commitment!

For more information about Mortgage Interest Rates speak to an advisor on 01628 507477 or contact us.

Your home may be repossessed if you do not keep up repayments on your mortgage.

There will be no fee for Mortgage Advice. There may be a fee for arranging a mortgage. The precise amount will depend upon your circumstances, but we estimate it to be £399.

Mortgage Required Ltd, Finance House, 5 Bath Road, Maidenhead, SL6 4AQ is authorised and regulated by the Financial Conduct Authority reference 573718 at www.fca.org.uk.

The Financial Ombudsman Service is an agency for arbitrating on unresolved complaints between regulated firms and their clients. More detail can be found on their website: www.financial-ombudsman.org.uk

Call: 01628 507477